Adlai Nortye Ltd. (Nasdaq: ANL), a clinical-stage biotech developing next-generation cancer immunotherapies and RAS-targeting therapies, entered into securities purchase agreements for a private investment in public equity (PIPE) financing expected to generate approximately USD 140 million in gross proceeds before fees and expenses.
The company is selling 64,615,386 Class A ordinary shares (equivalent to 21,538,462 American Depositary Shares) at USD 2.1667 per share, or USD 6.50 per ADS. The financing was co-led by Cormorant Asset Management and Columbia Threadneedle Investments, with participation from Balyasny Asset Management, Point72, Squadron Capital and Casdin Capital, among others. Approximately USD 55 million of shares were purchased by entities controlled by Chairman and CEO Yang Lu.
Company overview
Adlai Nortye is a clinical-stage oncology company with a pipeline spanning (i) immuno-oncology (PD‑L1 axis modulation and tumor microenvironment modulation) and (ii) RAS-targeted therapies. The currently active / ongoing clinical-stage programs are led by:
- AN4005 (oral small-molecule PD‑L1 inhibitor) — Phase I, recruiting (advanced solid tumors/lymphoma).
- AN0025 (palupiprant; E7046) (selective EP4 antagonist) — Phase I; one active study in combination with pembrolizumab for general solid tumors.
- AN2025 (buparlisib) (pan‑PI3K inhibitor) — Phase III BURAN trial in HNSCC, completedin 2025 but did not achieve primary endpoint.
- AN9025 (oral pan‑RAS(ON) inhibitor) — Phase I with start date in January 2026.
- AN8025 (tri-functional fusion protein targeting PD‑L1 with CD86 and LAG‑3 variants), currently Phase I in Australia.
Of note, in December 2025, Adlai Nortye entered into an exclusive licensing agreement with ASK Pharm for the pan-RAS(ON) inhibitor AN9025. ASK acquired rights to AN9025 in Greater China (Mainland China, Hong Kong, and Macau) for USD 20 million upfront, and up to USD 230 million in total commitments.